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are concerned that a tax increase of that size could shock the economy and trigger a recession by reducing the cash that taxpayers have to spend. but scott, congress and the president now have a firm price tag on what it costs if they don't reach a budget deal after the election. >> pelley: wyatt, thank you, the u.s. economy is also being hurt by what's happening far beyond washington, all the way across the atlantic. senior business correspondent anthony mason has more on that. >> reporter: in spain this weekend, police clashed with protesters angry over austerity measures the government's been forced to implement. a quarter of the work force in spain can't find jobs and the unemployment rate in the 17-nation euro zone has now hit a record high-- 11.4%. for three straight quarters, the european economy has been shrinking and federal reserve chairman ben bernanke said today america is feeling the impact. >> it has been a problem for the u.s. economy. we have seen head winds coming from slowing trade. >> reporter: if you combine imports and exports, the european union is our biggest trading
of the debate tomorrow night beginning at 9:00 eastern time. we got good news today on the economy. overall, auto sales were up 13% last month from a year before. among the u.s. automakers, ford sales were unchanged, g.m.'s were up 1.5%, chrysler reported a 12% increase. there hasn't been enough good news like that on the economy. the recovery, of course, is painfully slow and one of the biggest reasons is the recession in europe. the 27 countries of the european union add up to the world's-largest economy, but they're reporting record unemployment. in spain, unemployment among young people is 50%. mark phillips went to bars low that to see what happens when an economy goes into freefall. >> reporter: spain can be a deceptive place. in the early autumn sunshine and in the markets groaning with foodstuffs it's difficult to tell this is a country with a collapsing economy and unemployment rate of 25% that threatens to take the rest of europe and maybe even the united states economy down with it. but wait until they close up at barcelona's boqueria market and follow the porters out back to whe
Search Results 0 to 1 of about 2